Alexander Forbes Insurance partners with SHA to offer cyber liability insurance

Gari Dombo, Managing Director, Alexander Forbes.

Alexander Forbes Insurance (AFI) has partnered with SHA, specialist underwriters to promote the growth of the cyber insurance market as a means of mitigating cyber security risk.

AFI MD, Gari Dombo recognises the role that insurance companies can play in driving improvements to make cyberspace a safer place to do business.

Dombo lists the following five reasons for purchasing cyber liability insurance

1. Cybercrime is the fastest growing crime in the world.
2. Data is one of businesses greatest assets.
3. Cyber insurance covers the loss of profits associated with system downtime.
4. Social media usage is becoming increasingly popular making it crucial to be covered against defamatory claims and leaked information.
5. Privacy breach as a result of cyber-attacks such as hacking is a reality for many businesses.

Dombo urges South African business to assess their vulnerability to cyber-attacks in order to improve the management of cyber risk in business.